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Everyone has been the victim of a cyberattack. Just check your junk mail folder to see the untold wealth promises of a foreign dignitary needing help to transfer funds.
The US Secret Service and the Miami-Dade Police recently discovered a local identity theft network in which criminals stole credit card information from people and used it to buy gas at stations. The criminals have filled "bladder tanks" hidden inside the trucks and illegally sold gasoline at a shipyard in Hialeah for a fraction of its price. And this is just one aspect of cybercrime.
Although many of these potential attacks are obvious, cybercriminals use other tricks to deceive innocent victims. At work, you can receive an e-mail that resembles a colleague's e-mail or your company's help desk, inviting you to open an attachment or click a link. Other e-mails may appear to come from your bank and ask you to log in and resolve a problem with your account. These methods, called phishing attacks, encourage unsuspecting people to give cybercriminals access to their data or the infrastructure of their business. Another common scheme is known as ransomware. A virus infiltrates your computer or network and blocks any activity. A message or warning appears asking you to call a number to pay for software to unlock your system.
An analysis conducted by Accenture in 2017 found that cybercrime has increased by 27% in just one year. The cost of these incidents has also increased by 24% per year. the average annualized cost of an attack is $ 11.7 million.
It is essential that US government agencies and financial institutions treat these threats as a matter of national security. We need a comprehensive plan of collaboration between public and private entities to address the growing scope of this challenge.
Much has been made of the potential piracy of the upcoming mid-term elections and the debate over foreign interference in the electoral process. But financial cyberattacks can be equally devastating and have a profound impact on our financial bottom line. For example, imagine that cyberattacks to reduce stock trading systems, bank-to-bank financial transfers, individual retirement account data, or online credit card processing information are the chaos that would occur.
The financial sector is a prime target for a good reason: that's where the money is! But not only, it gathers valuable information about individuals and businesses. The data – from social security numbers to account balances – is a virtual goldmine for hackers.
South Florida is at the crossroads of vulnerability to cybercrime: on the one hand, Florida is considered one of the states most at risk for identity theft and risk of cyberattack. Webroot, a cybersecurity firm, has identified Florida as the most risky state for e-health. Experian ranks Florida second among states in identity theft (149 complaints per 100,000 population). And these rates are even higher for South Florida, with 340 complaints per 100,000 people, according to the Federal Trade Commission.
On the other hand, South Florida serves as a financial center for Latin America, considered by experts as the next frontier of cybercrime due to the explosion of the use of Mobile devices for banking services. A recent report from the Organization of American States found that 9 out of 10 banks in Latin America and the Caribbean have experienced cyber incidents over the past year.
Financial institutions and clients can protect themselves by following certain basic principles that help protect against cybercrime, including:
▪ Use two-factor authentication access accounts.
▪ Issue alerts when large purchases are made or accounts are opened on a new device.
▪ Monitor fraud through the text of confirmations of important transactions.
▪ Use complex passwords … and do not share them.
▪ Do not share personal information when he is called by a person claiming to need a social security number or an account password.
Cybercrime is expensive for everyone involved. As incidents and costs increase, it is time for government agencies and industry groups to unite to put in place a solid set of solutions to protect financial institutions and their customers from cyber-hacking. . This includes the continuous upgrade of technology, the extension of training to employees and customers and, most importantly, the fear of sharing information about cyber incidents, so that the financial community can gather enough data to deal with to this problem that concerns us all.
The 33rd Annual Conference on Financial Cybersecurity
Who: Event organized by the Florida International Banksers Association (FIBA)
When: October 29-30
Or: InterContinental Hotel Miami
Prices: $ 1,350 (for delegates of financial institutions); $ 650 (for government officials)
More information at: https://felabancelaes.fiba.net/
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▪ This "My View" opinion piece was written for Miami Herald's Business Monday.
▪ Do you have a "My point of view?" If you have a point of view on a topic you want to share, consider writing about it for Business Monday. Present your idea to [email protected]. Guidelines: Submissions must contain approximately 600 words. should state a topic clearly, with examples to support; and use examples from South Florida. They should also be accompanied by a photo of the writer, emailed to jpeg format. "My opinion" submissions that are accepted are published to the extent possible.
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